Sale of Plant Asset Raine Company has a machine that originally cost $72,000. Depreciation has been recorded for five years using the straight-line method, with a $9,000 estimated salvage value at the end of an expected nine-year life. After recording depreciation at the end of the five years, Raine sells the machine. the journal entry to record the machine's sale for (Round to the nearest dollar): a $54,000 cash b. $37,000 cash C. $35,000 cash Date a. b. C. General Journal Description Accumulated Depreciation - Equipment Gain on Sale of Plant Assets To record sale of machine. Cash To record sale of machine. Cash Accumulated Depreciation - Equipment To record sale of machine. + Debit Credit

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